Capital Gain Distribution Analysis

PACRX - Managers

Jason R. Vaillancourt

Manager

Start Date

Jun 30, 2008

Tenure

8.42

Tenure Rank

2.3%

Mr. Vaillancourt is a Co-Head of Global Asset Allocation (GAA). In partnership with the other GAA Co- Heads, he directs the overall strategy and positioning of Putnam’s GAA products. He is accountable for the research that drives the top-down views of GAA portfolios, including asset class, region, and sector decisions. His work also contributes to Putnam’s Capital Markets Outlook. In addition, Mr. Vaillancourt is a
portfolio manager of GAA, multi-asset absolute return, and total return strategies. He joined Putnam in 2000 and has been in the investment industry since 1993.
Prior to joining Putnam, Mr. Vaillancourt was a Research Associate in Taxable Fixed Income at Fidelity Investments from 1996 to 1998, and an Assistant Portfolio Manager at Independence Investment Associates from 1993 to 1996.
He earned an M.B.A. from the University of Chicago and a B.S. from Northeastern University.

James A. Fetch

Manager

Start Date

Jun 30, 2008

Tenure

8.42

Tenure Rank

2.3%

Mr. Fetch is a Co-Head of Global Asset Allocation. In partnership with other GAA Co-Heads, he directs the overall strategy and positioning of Putnam's GAA products. He is accountable for GAA portfolio construction and risk management strategies. His work also contributes to Putnam's Capital Markets Outlook. Since 2008, Mr. Fetch has served as a portfolio manager. He is responsible for managing Putnam's
GAA, multi-asset absolute return, and total return strategies. Mr. Fetch been in the investment industry since he originally joined Putnam in 1994. After leaving to complete his M.B.A, he rejoined the firm in 2000.
He earned an M.B.A. from the University of Chicago and a B.A. from the University of Notre Dame.

Robert J. Kea

Manager

Start Date

May 30, 2002

Tenure

14.52

Tenure Rank

0.8%

Mr. Kea is a Co-Head of Global Asset Allocation (GAA). In partnership with other GAA Co-Heads, he directs the overall strategy and positioning of GAA products and oversees top-down equity and duration views in Putnam GAA portfolios. His work contributes to Putnam's Capital Markets Outlook. In addition, Mr. Kea is a
portfolio manager who is responsible for managing GAA, multi-asset absolute-return, and total-return strategies. He joined Putnam in 1989 and has been in the investment industry since 1988.
Previously at Putnam, Mr. Kea served as an Accountant for international funds. Prior to joining Putnam, he was an Accountant at State Street Bank from 1988 to 1989.
He earned an M.B.A. from Bentley College and a B.A. from the University of Massachusetts, Amherst.

Robert J. Schoen

Manager

Start Date

May 30, 2002

Tenure

14.52

Tenure Rank

0.8%

Mr. Schoen is a Co-Head of Global Asset Allocation. In partnership with the other GAA Co-Heads, he directs overall strategy and positioning of Putnam’s GAA products. He is accountable for the research that drives equity security selection strategies, portfolio construction & risk management for GAA portfolios. His
work contributes to Putnam’s Capital Markets Outlook. In addition, he is a portfolio manager who manages GAA, multi-asset absolute-return, total return strategies and the Low Volatility Equity Product group. He joined Putnam in 1997 & has been in the investment industry since 1990.